I'm pretty new to gaming and all but I've decided to get a ps4. The problem is that after watching the Ps4 unboxing video it only comes with an HDMI cable, my issue is that I only have analog tv's. I'm planning on getting a flat screen as soon as I can but saving for the Ps4 has all of my money drained. I've been looking into HDMI to RCA converters and they range from 35 to 100 bucks but today i found this cable in the image but would this cable work? I'm not looking for high quality, all I want is something to get my by until I can save for a tv. Thanks for the help.
Edit: also would the different color cables make a difference