Image vs Video Resolution

I am trying to put together a video but I am having problems with the resolutions *not wanting any black bars around the finished video*. The footage I have is 720x480, so I opened a new project with that resolution. No black bars, awesome. But then I added an image that I wish to use to fill the entire screen that is the same resolution 720x480. But with the image, it is letterboxed with the black bars on top and bottom even though it is 720x480 and it matches the 720x480 project. Any solutions? I tested this on a 1280x720 resolution project with the same image being resized at 1280x720 and it fits perfectly, but will not for 720x480?

-Thanks