5 book covers and 2 boxes of pencils
If all 7 were book covers, the cost would be 10.50. The cost is 2.60 more than that. Each box of mechanical pencils costs 1.30 more than a book cover, so there must be 2.60/1.30 = 2 boxes of mechanical pencils (and 5 book covers).
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If you want an equation, let p represent the number of pencil boxes. Then 7-p is the number of book covers.
... 1.50(7-p) +2.80p = 13.10
... 1.30p = 13.10 -10.50 . . . . . subtract 10.50, collect terms
... p = 2.60/1.30 = 2 . . . . pencil boxes
... 7-2 = 5 . . . . . book covers