Formatting text within grid layout

Is it possible to format the placement of text in a grid layout?

Here is the code:

//Define Labels

JLabel amountLabel =new JLabel("Principle:$");

JLabel rateLabel =new JLabel("Please choose your Terms from the menu");

JLabel paymentLabel =new JLabel("Monthly Payment:");

JLabel emptyLabel =new JLabel();

JLabel emptyLabel1 =new JLabel();

What I am trying to do is to get "principle" and "Monthly Payment" over to the right side of the grid rather than on the left side.

I've tried using "\t" and that didn't work.

[854 byte] By [Bob123a] at [2007-10-2 7:58:50]