Form the inequality from the following mathematical statement: The product of 16 and 3 is greater than the sum of 16 and 3

First, convert the mixed number to an improper fraction:

$$2\frac{1}{4} = \frac{(2 \times 4) + 1}{4} = \frac{8 + 1}{4} = \frac{9}{4}$$

Now, add the fractions:

$$\frac{9}{4} + \frac{3}{4} = \frac{9 + 3}{4} = \frac{12}{4}$$

Simplify the sum:

$$\frac{12}{4} = 3$$

We need to calculate $3 - \frac{9}{8}$.
To subtract, find a common denominator. The number 3 can be written as $\frac{3}{1}$.
The least common multiple of 1 and 8 is 8.
Convert 3 to an equivalent fraction with a denominator of 8:

$$3 = \frac{3 \times 8}{1 \times 8} = \frac{24}{8}$$

Now perform the subtraction:

$$\frac{24}{8} - \frac{9}{8} = \frac{24 - 9}{8} = \frac{15}{8}$$

Divide 15 by 8:

$$15 \div 8 = 1 \text{ with a remainder of } 7$$

So, the mixed number is $1\frac{7}{8}$.