A crane lifts a car using a magnet that is suspended from a steel cord. Which of the following best describes the forces acting on the magnet? gravity, tension from the steel cord and magnetic force...

Please include explanation and the principles involved

Extracted text: A crane lifts a car using a magnet that is suspended from a steel cord. Which of the following best describes the forces acting on the magnet? gravity, tension from the steel cord and magnetic force from the car gravity and tension from the steel cord gravity, the force from the magnet and the normal force from the magnet gravity, tension from the steel cord, normal force from the car and magnetic force from the car gravity, tension from the steel cord and normal force from the car