Time Value Money 101 (Need help with a computation)

[Loc R.]

OK, so I have a note that is paying me $199.54 per month.

I have offered to sell 12 of those payments to an investor at 8.0% interest.

So if:

N = 12
I = 0.67
PMT = 199.54
FV = 0
PV = $2293.87

So, in order for the investor to buy 12 payments of $199.54 he would need to pay me $2293.87 today, right? Right.

Now, on the flip side:

My investor says, "hey, $2293.87 times 1.08 (interest) is $2477.38, but $199.54 times 12 (payments) is NOT $2477.38. It's only $2394.48."

Where am I wrong on my math?