The position of a car (from a certain starting point, let's say it's $0$ to keep things simple) can be given by the formula
x=v*t
where $v$ is its constant(!) speed in mph and $t$ is the time in h traveled since the position $0$. If the speed wasn't constant, this formula couldn't be applied.
Let's call the position of the 60 mph car $x_1$ and the position of the 50 mph car $x_2$. This gives us the following set of formulae:
$x_1=60t$
$x_2=50t$
The difference between these positions is $\frac{1}{4}=0.25$, so $x_2-x_1=0.25$. Notice the order in which I am subtracting, because the 50mph car ($x_2$) has a higher position value than the 60mph one ($x_1$), since the 50mph car has the lead on the 60mph one. Substituting the two equations above into $x_2-x_1=0.25$ we get
$50t-60t=0.25$
so after applying the basic algebraic rule $(a+b)*c=a*c+b*c$ this equals to
$(50-60)t=-10t=0.25$
and dividing both sides in the equation $-10t=0.25$ by $-10$ gives
$t=\frac{0.25}{-10}=-0.025$.
So this is the amount of hours the car will have to travel to get to the other car. The negative sign means that the car is behind the other one and can be disregarded. So just convert $0.025$ hours to minutes to get your result.