faithstuff, I wish I was there to help you the binding is the absolute simplest thing if you pin it on right the first time! What I would do:
1) buy premade biding, you don't know what you are doing and this is easiest to use. Or buy a really wide ribbon with finished edges., or
2) a) cut fabriv into 2 or 3 inch strips, sew the strips together
b) fold 1/4 inch of the fabric in toward itself (insde of fabric to inside of fabric), and iron all the way down. Do this to both sides
c) fold in half with the 1/4inch folds on the inside, now you ahve made your binding
3) line the edge of the quilt up with the inside of the "half" seam that is down the middle of the binding, and fold around the quilt like a napkin or a hot pad. The inside of the binding should not be showing, it should looking like there is one small fold of fabric on each side of the quilt, orlike a ribbon going around the edges.
I4) "wrap" the biding in this way all the way down one side of your quilt, starting a couple inches from the top. Pin it as you go, just pin the one side right now and try to keep it even looking. When you get to a corner, fold it as evenly as you can and keep going.
5) continue around the quilt, pining as you go. When you get back to where you started, overalp the binding a bit, then fold the end of the binding back so taht you can't see either unfinished edge, there's just a little pleat in the side and that's it.
6)Look at it. Does it look nice? Does the binding look basically equally thick all the way around? Do the corners look similar enough? If you like the way it looks, sew it down, then fold over the other side and sew again. IF you don't like the way it looks, take the whole pinned up thing down to the nearest store or to youtube and find someone to give you better directions than silly me. ::)