From V=IR 12/400= 30ma (milliamps). The calculation needed is volt drop, so that the resistor is used to volt drop down to 2.2v. Just atm I cant remember exactly how to do it. I might have an idea if I knew the resistance of the diode (led), this would have to be read off a spec sheet.
Im thinking Vdrop= Vbat/Rvariable + Rdiode
U also might be able to do 30ma*Rdiode(from spec sheet)= Voltage accross LED/diode.
I think the 7A of the power supply doesnt factor into the calculations since its just a limit of which the power supply can put out; which corresponds to how we usually see a computer PSU.