Binding constants between reactants molecules with micelles are considered to be important parameters particularly in micellar catalysis area. Recently, we developed a statistical method based on multiple linear regression for determining those parameters from kinetic data (Phys. Chem. Liq. 2008, 46, 34-46). In the present work, we derived further two statistical equations from the same original equation using also multiple linear regression method. A substantial difference has been found between the results of those equations and with that of the recently published one. This strongly indicates that the statistical procedures are not valid for such a purpose, that is, the available statistical and graphical methods in the literature are also not suitable for such treatment. A mathematical procedure using iterative method for evaluating the binding constants is introduced. An equation for such treatment has also been derived from the same original equation, and a computer program for this purpose has been written. Application of the developed method to the kinetic data has been found to be quite successful. It has been concluded that the presented mathematical method is simple, reliable, and accurate.