No, this involves combinations.
The possible number of outcomes with 5 numbers from 47 numbers is 47C5
Now, there is one more, number to pick out of 27, hence 27 possible ways
For a total of 27*47C5 possible combinations. (ie 41416353)
Now, for the favourable outcomes part:
Ways to get 3 matching numbers = 5C3 (3 good numbers from the 5 numbers which were drawn)
Then, the rest, being = 42C2 (ie, 2 of the 42 numbers not drawn)
And of course, there is only 1 out of 1 way to pick the good number.
For a total of 5C3 x 42C2 x 1