Going out with different people when you are young is a great life experience, and will help you make a considered decision about a long term partner. A 32 year old has a lot more life experience and can teach you far more about relationships than being with someone of your own age. It's important for you to keep moving on when you can see that the relationship is not for you long term.
You are too young to think of an affair. Do not divert your mind on things which could make you lose concentration in your studies. That too with a man twice your age! Unimaginable! Do not commit this blunder as this relationship will never have a future at all. But the way it destroys your life would be traumatic.
Dear young child, you need to look at the situation and think deeply about whether you are getting any good wholesome outcomes out of this relationship with the older person. Perhaps you are being kept happy and amused due to it, but I implore you to ask yourself if you are really truly contented with what is going on, and if you think that this relationship will last? The very fact that you are on this forum asking this tells me that you have some very serious doubts. If it doesn't feel right to your intuition, then reconsider everything about this relationship now.
No it's not. Firstly, you are very young, and should be working in developing yourself both emotionally, financially and psychologically. Being with an older person might force you to develop your personality and lifestyle around that person since you usually would view him or her as more mature and knowledgeable. At 16 you're still curious and energetic about life, but for the older person perhaps not too much. It would be a better idea to find someone closer to your age.
Many young people fantasize about being with people who are older, but for someone so young to be in a relationship with someone twice your age, there could be a problem. It’s natural to seek out in a romantic partner the kind of person that reminds us of our parent of the opposite sex, but in this case it sounds like there’s some attempt at replacing that relationship altogether, which isn’t really possible to do in a romance. It could be unhealthy to pursue that relationship, and it may be wiser to develop some insight around what you’re getting out of the affair and learn how to get your needs met another way.