I finally broke down and purchased this binding tool:
http://www.nancysnotions.com/product...inding+tool.do
Here's the video:
https://www.youtube.com/watch?v=PqkBRfQjyU8
I use this method on charity and utility quilts. It's basically the same method as previously posted, but the tool gets the angle perfect. I have a problem getting the angle right without it. If you are going to do a lot of this type of bindings, it's a good investment.