Confused about the MTU?

in Network+
Guys,
I am really confused about the MTU thing. Is it the maximum data that can be sent through a link including Ethernet frame header + data payload (including IP headers) or MTU is just a maximum data size excluding Ethernet frame header (only the data payload in the frame without the ethernet header)?
I am really confused about the MTU thing. Is it the maximum data that can be sent through a link including Ethernet frame header + data payload (including IP headers) or MTU is just a maximum data size excluding Ethernet frame header (only the data payload in the frame without the ethernet header)?
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To extend on what slowhand said here's a question i had from my grad school course on it that may explain it well
The answer I had was:
Since the MTU is set at 500 bytes and the datagram is 3000 bytes we will need to break it down into 480 bytes for each fragment leaving 20 bytes for the IP header. So there will end up being 7 fragments where all but the last will be 500 bytes in size. They will all have an id number of 422 and the first six will be set with the flag equal to 1 and the last equal to 0.
hope this helps...but like it was said I don't remember being tested much on MTU on N+
Free Microsoft Training: Microsoft Learn
Free PowerShell Resources: Top PowerShell Blogs
Free DevOps/Azure Resources: Visual Studio Dev Essentials
Let it never be said that I didn't do the very least I could do.