That won't work exactly like he wants, I'm afraid.
There is an extra step, dj, since you want to round to the nearest 500. Assuming your price is in a variable called $price:
$r_price = round($price / 500 , 0) * 500
// if $price = 6457, then $r_price will be 6500
// if $price = 6157, then $r_price will be 6000
// if $price = 6757, then $r_price will be 7000
The ", 0" is optional in this case, but I like to use it myself. It's a matter of preference, I guess. Believe it or not, this will work too:
$r_price = round($price / 5 , -2) * 5
Hope that helps!