4. Determine overflow period for timer TIM7, if timer clock frequency is 80 MHZ, timer prescaler register (PSC) is 79 and timer auto-reload register (ARR) is 499. Show your work.

FC = fclk / psc +1 = 80 MHz / (79+1) = 1 MHz
Tc = 1/fc = 1 us
Toverflow = (ARR + 1) (Tc) = (499+1) (1us) = 500 us
is this correct?

Yes, your calculations are correct. The overflow period for timer TIM7 would be 500 microseconds.