[RESOLVED] help with form layout

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.

Code:

---

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