How can i connect my ps3 to a VGA monitor?

i was wondering how i can connect it without buying that £20 cable, can i just connect with a simple hdmi to VGA cable which is only £3??... or are there any other ways which dont cost as much as buying the £20 cable??
Update: instead of using it on my moniter (which is 720p) can i use it on a regular t.v... not an HD tv... cause i had it at my dads an want to move it to my mums... but we dont have an hd tv...
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