To calculate the induced current in a loop, one must recognize that an increasing current in a nearby wire creates a changing magnetic field, which leads to a changing magnetic flux through the loop. This change in magnetic flux induces an electromotive force (emf) according to Faraday's law of induction. Once the induced emf is determined, Ohm's law can be applied to find the current by considering the loop's resistance. Understanding the relationship between magnetic fields, flux, and induced current is crucial for solving such problems. The key takeaway is that the induced current is a direct result of the changing magnetic environment created by the current in the wire.