Sometimes equation and formula are used interchangeably, but I was wondering if there is a difference.
For example, suppose we can calculate a car's fuel efficiency as:
mpg = distance traveled in miles / the fuel used in a gallon
Is that an equation or formula?
An equation is meant to be solved, that is, there are some unknowns. A formula is meant to be evaluated, that is, you replace all variables in it with values and get the value of the formula.
Your example is a formula for
mpg. But it can become an equation ifmpgand one of the other value is given and the remaining value is sought.