help with form layout

[re_turner_jr]

OK, this is for a class, however I'm not asking for the answer to the logic of the program just some help with the layout of the GUI.

What I'm trying to do is set up a form with a label at the top
below that will be a label with a textbox next to it and
below that will be another label and textbox.

I have played around with this for several days but with no luck.
Here is the code I have, if someone could point me in the right direction.

import javax.swing.*;
import java.awt.*;
import java.awt.event.*;
import java.text.NumberFormat;
import java.util.Locale;
import javax.swing.JOptionPane;

public class w2iaJ2{
public static void main (String[] args){
myFrame mcFrame = new myFrame();
mcFrame.setLocation(30,30);
mcFrame.setBounds(10,50,500,700);
mcFrame.setVisible(true);
mcFrame.setLayout(new GridLayout(7,1,10,10));
}



}
class myFrame extends JFrame{
panels topPanel;
panels spcPanel;
panels principalPanel;
panels interestPanel;
panels timePanel;
panels ansPanel;
txtPanel ptp;
txtPanel itp;
txtPanel ttp;
JTextField txtP;
JTextField txtI;
JTextField txtT;

myFrame(){
topPanel = new panels("Welcome to the Amortization Calculator");
add(topPanel,0);

principalPanel = new panels("Enter principal amount:");
txtP = new JTextField(10);
ptp = new txtPanel(txtP);
principalPanel.add(ptp);
add(principalPanel,1);

interestPanel = new panels("Enter interest rate:");
txtI = new JTextField(10);
itp = new txtPanel(txtI);
interestPanel.add(itp);
// interestPanel.setBounds(10,50,780,10);
add(interestPanel,2);

}
}
class txtPanel extends JPanel{
txtPanel(JTextField tf){
setLocation(350,10);
setVisible(true);
add(tf);
}
}
class panels extends JPanel{
JLabel panelLabel;
panels(String lbl){
panelLabel = new JLabel(lbl);
setBounds(10,10,480,10);
add(panelLabel);
}
}

Thanks

RT