Hitch weight is how much weight is placed on the TV. At number you cited is listed for a totally dry trailer. Find the trailers GVWR and take 12-15% of that. That is how much tongue weight you can expect to have. Hopefully your hitch capacity is a typo? 500 pound hitch capacity is not right.
Also remember, what you car can tow is based on a empty vehicle, 1/4 tank of gas and a 150 pound driver. Anything you add to that is subtracted from your towing capacity. I suspect you are not going to be very pleased with your towing experience with your setup. But only you can determine that for sure. Your 760 pound load carrying capacity is extremely low IMHO. Once you add water, propane, a battery, some clothes, food and dishes you could likely already be overloading the trailer. Be extremely careful of what and how you load. Make your first stop the scales once loaded, tow carefully.
