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I don't have any experience with that low budget converter, but my guess is that it functions like...well, like a low budget converter. It may work or you may waste $17.99. Tossup.
The cable you linked to only works if your video card has TV out capability via VGA. You'll have to check on that yourself.
The monitor should work but understand that it is a PAL/NTSC which means you will get a blurry picture from the PC. VGA will be much, much sharper and higher resolution.
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