Catholic apologist Trent Horn has posted a short, pretty useful video on translations of the Bible, including a good discussion of formal equivalence and dynamic equivalence.
What is the best translation of the Bible?
See also Ben Spackman, "Why Bible Translations Differ: A Guide for the Perplexed." Religious Educator: Perspectives on the Restored Gospel 15, no. 1 (2014): 30-65
For those interested, my favourite English translations are the NRSV, 1985 JPS Tanakh, Lexham OT, NT, and Lexham English Septuagint.