Step 1 :Calculate the magnetic field and force on each segment of the loop using Biot-Savart law and force formula: $$B = \frac{\mu_0 I}{2 \pi r}$$ and $$F = I' l B \sin{\theta}$$
Step 2 :Sum up the forces on each segment to find the net force on the loop: $$F_{net} = F_{left} + F_{right} + F_{top} + F_{bottom}$$
Step 3 :Simplify the final answer using Python code: $$F_{net} = 40 \, \mu\text{N}$$
Step 4 :\(\boxed{40 \, \mu\text{N}}\)