Trial with coupon on recurring?

Here's what I want to do:

Offer a one month trial for $7 on a $97 per month subscription with a coupon code to reduce it to $37 recurring.

Is that doable?

And how?

Last time I checked, you can do reduction on the first payment or both, not only recurring.
If you give a 60% off coupon that will drop the front to $2.80 and the recurring to $38.80
Pretty close...

David