Financial Calculations: What am I not understanding?

[Pete Smith]

Given a loan of $1,000  with the following terms

- AMT = $1,000.00

- NPER  = 60 (5 yrs on mthly pymts)

- RATE = 8% (Annual rate) (i.e. .08/12 per term)

Then:

- PMT = $20.28

- Total AMT repaid = (60 * $20.28)  = $1,216.58

All well and good so far....

Am assuming that the future value (FV) of the $1,000.00 using the same values as for the loan, would likewise come out to $1,216.58.

But instead:

- RATE = .08/12

- NPER = 60

- PMT = $20.28

- PV = $1,000.00

Then FV comes out as:   -$2,979.69

This doesn't make sense.

If my spreadsheet isn't broke, then my understanding of PMT and FV calculations is broke!