letzt
last
Refers to the end of a sequence or what comes at the very end.
Das ist die letzte Haltestelle, hier müssen alle aussteigen.
This is the last stop; everyone has to get off here.

last
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last
Refers to the end of a sequence or what comes at the very end.
Das ist die letzte Haltestelle, hier müssen alle aussteigen.
This is the last stop; everyone has to get off here.

'Letzt-' (last) has two important meanings that you must recognize from context: it can mean the final one in a sequence or the previous one in time.
Das ist meine letzte Frage für heute.
This is my last question for today.
The adjective 'letzt-' (last) is almost always used attributively, meaning it stands before a noun and is declined. Predicative use, such as 'Die Chance ist letzt.' (The chance is last), is unusual.
Wir haben den letzten Zug nur knapp verpasst.
We only just missed the last train.
In the meaning 'vorig' (previous/last), 'letzt-' is very frequently combined with time expressions. Typical phrases are 'letzte Woche' (last week), 'letzten Monat' (last month), 'letztes Jahr' (last year), or with weekdays such as 'letzten Dienstag' (last Tuesday).
Ich habe ihn letzten Monat zufällig in der Stadt getroffen.
I ran into him by chance in town last month.
The expression 'zu guter Letzt' (last but not least) is a fixed expression and means 'finally' or 'in the end'. It is often used to introduce a final, concluding point in a list or story.
Wir haben gegessen, geredet und zu guter Letzt noch einen Film geschaut.
We ate, talked, and last but not least watched a film.
only / not until / first
'erst' and 'letzt' can both have to do with a sequence. In this context, 'erst' means the beginning: something comes first or at the start. 'letzt' means the end: something comes at the very end. So they are opposites in a sequence. They can be confused because both are short and often talk about order. The form is also important: 'erst' often appears as an adverb, for example 'erst machen wir ...' (first we do ...). 'letzt' usually appears as an adjective with a noun, for example 'der letzte Punkt' (the last point).

Auf der Reise besuchen sie am letzten Tag noch das Museum.
On the trip, they visit the museum on the last day.
Erst lesen wir den Text, dann beantworten wir die Fragen.
First we read the text, then we answer the questions.