This is what your textbook meant:
1)- You have a loan due in 3 years @ 6% comp. monthly.
2)- Its PV as of today is: $2,506.93
3)-They want you to equate this PV to 2 payments, 1 due today and 1 due 2 years from now.
4)-To do that, you find the PV of 1 dollar two years from now, which comes to: 0.887185668891.
5)-You add the amount in 4 above to 1 dollar due today and you ge: 1.887185668891.
6)-Then you take the PV in 2 above and divide it by the value in 5 above: $2,506.93/1.887185668891.
7)-The result in 6 above is: $1,328.40, slightly different from your calculation due to calculating the PV of 1 dollar due in 2 years to an accuracy of 12 decimal places.
Finally, in your calculations, you have used 5% compounded monthly instead of 6% compounded monthly, and yet got accurate results, which means you must have copied it from your book.