What Exactly Is a Mixtape?

5 Grand
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I was riding in the car today with a coworker. We were listening to a classic rock station. I mean it was a really white station that played hillbilly music. For some reason the DJ announced that, "Chance The Rapper has a new album/mixtape" His exact words were. "album slash mixtape".

So now I'm wondering to myself, 'why would a classic rock station announce that Chance the Rapper has a new album/mixtape?'

Back in the 90s a mixtape was made by a DJ. The DJ would select different songs from different artists and yell over each song to give the tape his own personal touch. But nowadays it seems like artists are using the term album and mixtape interchangeably. So whats the difference?