A 315/60R20 tire is 34.9 inches (886 mm) tall and 12.4 inches wide. The sidewall is 60% of the width, 7.4 inches, on a 20-inch wheel, and the tire turns about 578 times per mile.
In flotation terms that is about 34.9x12.4R20, closest to the common 35x11.50R20 (35.0"). People often call it a 35-inch tire.
The size most often compared with it is 35x12.50R20, which is 0.1" taller (+0.3%). At an indicated 60 mph you would be doing 60.2 mph on it.