The tension in a stretched (or compressed) string or spring is T = λx/l.
The natural length, l, of a string or spring is the length when there is noforce on it.
The modulus of elasticity, λ , is a measure of how stiff a string or spring is. The greater the modulus of elasticity, the less stretchy the string or spring is.
Hooke's law only applies for values of extension, x, up to the elastic limit.
When in equilibrium, the components of tension on each string/spring must be equal.
Elastic potential energy stored in a stretched string/spring is the amount of work done in stretching the string/spring and is E = λx^2/2l.
For a string/spring, energy must be conserved in terms of elastic potential energy as well as kinetic and potential energy.