I have a "loop" made out of mild steel plate with a 1.125" I.D and a 2.125" O.D. - The material thickness is 5/16", giving me a cross section of about 0.156 square inches. I am going to be hanging a cable or chain from this loop and I am looking for a formula that will help me determine the load it will be able to support. Any help is most appreciated, Thank you.