Let $\mathbb F$ be a field. Constructing an element of $\operatorname{GL}_n(\mathbb F)$ is the same as giving a basis of $\mathbb F^n$. To do this, our first vector $v_1$ can be any non-zero vector. Next, $v_2$ can be any vector not in $\operatorname{span}(v_1)$. Continuing in this manner, $v_{i+1}$ can be any vector not in $\operatorname{span}(v_1, \ldots, v_i)$.
Given any matrix in $\operatorname{GL}_n(\mathbb F)$, we can get an element in $\operatorname{SL}_n(\mathbb F)$ by dividing the last column by the determinant. Similarly, by multiplying the last column, we see there is a bijection between the matrices with determinant $1$ and the matrices with determinant $a$ for any $a\in \mathbb F^{\times}$.
Now, let us see how large this group is when $\mathbb F$ is a finite field of size $q$. We have $q^n-1$ choices for $v_1$, $q^n-q$ choices for $v_2$, and inductively $q^n-q^i$ for $v_{i+1}$. Therefore,
$$\left| \operatorname{GL}_n(\mathbb F_q)\right|=\prod_{i=0}^{n-1}(q^n-q^{i}), \qquad \left| \operatorname{SL}_n(\mathbb F_q)\right|=\frac{1}{q-1}\prod_{i=0}^{n-1}(q^n-q^{i}).$$
Setting $q=5, n=2$, we have $\left|\operatorname{SL}_2(\mathbb Z /5\mathbb Z)\right| =\frac{1}{4}(25-1)(25-5)=120$