You're wrong on both counts. Let's go through this step by step. Answer this first

The first step in solving physics problems is a CONCEPTUAL ANALYSIS. From the statement of the question we see the loop will be in equilibrium. When an object is in static equilibrium we know that =F = 0 and t = 0. So the best way to proceed is to determine as much as we can about the forces acting on the loop. Let's start with our newest force, the force on the loop due to the magnetic field. Here is a view of the loop looking down the y-axis. Which sides of the loop will have a magnetic force? (The blue dotted arrows represent the current flow, the purple arrows represent the direction of the magnetic-field, and the green letters represent the four sides of the square loop.) oO 70 BW gt