What is the difference between declaring List vs ArrayList?

Question

List mylist = new ArrayList();

ArrayList mylist2 = new ArrayList();

I am wondering wha

Answer 1

I know that List is an interface that ArrayList class implements.

That's exactly the difference :)

When you're using the two variables (mylist) and (mylist2) in code, you would have access to any methods that ArrayList defines that aren't part of the basic List interface only on mylist2.