Centripetal force is the force that allows an object to follow a circular path with a uniform speed. Centrifugal force is the force that follows a circular path from the center towards the object. Both force travel along the radius of the circle and hence the formula to find the centripetal and centrifugal force is the same. The ratio of the product of the mass and velocity square to the circular radius is the centripetal or centrifugal force.
An example of centripetal force is any satellite orbiting a planet, and centrifugal force is mud flying of a tire.