The initial cost of car is P = 27996
The rate percent is r = 5%
The time is t = 5 years
The formula for the intrest on the car is,
Substitute the values in the formula to determine the intrest on the car for 5 years.
The final amount of car after 5 years is sum of intrest on car and initial cost of car. So cost of car after 5 year is,
So cost of car after 5 years is 34995.