I found this equation in a book:
$$ m_0 v_0^2 + m_1 v_1^2 = m_0 v_{0_{Final}}^2 + m_1 v_{1_{Final}}^2.$$ It says that
Notice that you have a different equation with the same two unknown variables: $v_{0_{Final}}$ and $v_{1_{Final}}$. You can now factor these out and come up with a single equation for each unknown. These are the formulas that you end up with when all is done
$$v_{0_{Final}} = \frac{(m_0 - m_1) v_0 + 2 m_1 v_1 }{m_0 + m_1} \\ v_{1_{Final}} = \frac{(m_1 - m_0) v_1 + 2 m_0 v_0 }{ m_0 + m_1}. $$
Can someone please break this result down step-by-step to solve for these 2 unknown variables?
I believe you need another equation to solve logically. The other equation is probably: $$m_0v_0+m_1v_1=m_0v_{0_{Final}}+m_1v_{1_{Final}}$$ (conservation of momentum). Without this equation no one can say what $v_{0_{Final}}$ and $v_{1_{Final}}$ should be, as there are infinitely many solutions for example including $v_{0_{Final}}=v_0$ and $v_{1_{Final}}=v_1$ as you already thought.