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LT means light truck
P means passenger car
235 is section width in mm. (sidewall to sidewall on specified rim size)
75 is aspect ratio (the height of the tire from bead to tread is 75% of 235mm)
15 is rim diameter
Here's a calculator, it says your tires are 28.9" tall
bashby, while you're correct in the tire you described, the OP put those numbers on a 16" rim, which comes to a tire size i've never heard of. assuming we're talking about the truck in his signature, likely he either has 235/85r16 or 265/75r16, each of which are just a touch below 31" - i want to say 30.8 or something, but don't feel like calculating it again
Some tires are still sold in inch sizes. My truck has 35x12.50x16.5 tires on it, which are 35 inches tall and 12 1/2 inches wide on 16 1/2 inch rims. That's why you "hear" those sizes once in awhile, because they are still sold that way.
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