Suppose a rectangular loop of sides 8cm and 2cm with a small cut is stationary but the current feeding the electromagnet that produces the magnetic field is gradually reduced so that the field decreases from its initial value of 0.3T at the rate of 0.02T/S. If the cut is joined and the loop has a resistance of 1.6$ \Omega$, how much power is dissipated by the loop as heat? What is the source of this power ?