The powers of $i$ form what professional mathematicians call a 4-cycle, which means exactly what you think it means. So:
$i^0 = 1$ (this is sort of "by default")
$i^1 = i$
$i^2 = -1$
$i^3 = (i^2)i = (-1)i = -i$
$i^4 = (i^2)(i^2) = (-1)(-1) = 1$, and we have come "full cycle" and it just repeats forever more after this.
Multiplying by $i$ can be thought of as "rotating counter-clockwise by a quarter-turn" (this should make sense, since we repeat every 4 1/4-turns), and thus multiplying by -1 can be thought of as an "about face" (a "180" as skaters like to call it), which perhaps (finally!) explains the curious rule that:
negative*negative = positive.
Therefore:
$i^{587} = i^{4\ast146 + 3} = (i^{4\ast146})(i^3) = (i^4)^{146}(i^3) = (1^{146})(i^3) = (1)(i^3) = i^3 = -i$