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What is exit rate? I am confused between bounce rate and exit rate.

For all pageviews to the page, Exit Rate is the percentage that were the last in the session.

Exit Rate is the percentage that were the last in the session. For all sessions that start with the page.
Bounce Rate is the percentage that were the only one of the session. Bounce Rate for a page is based only on sessions that start with that page.

Exit rate is the percentage of visitors who leave your website from a specific page. This page isn't landing page or home page.

Exit rate of a page is calculated on the basis no of people who exit your website from that page. That page should be any page of your website, coz every page has its different exit rate and an average of all the pages' exit rate is the overall exit rate of your website.