Now Suppose the investment budget is 600,000 and the Company borrows an additional 240,000 at the rate of 7% per annum, Investing the total available funds in risky assets. What is the leverage position and amount of level of the Short or long position?

Initial investment budget = \600,000$Borrowed amount =$$240,000 Total funds invested = Initial investment budget + Borrowed amount $$ \text{Total Funds} = \600,000 + $240,000 = $840,000 $$

Leverage position is the ratio of total funds invested to the initial investment budget. $\text{Leverage Position} = \frac{\text{Total Funds Invested}}{\text{Initial Investment Budget}} = \frac{\$840,000}{\$600,000} = 1.4$ The leverage position is 1.4.

Since the company is borrowing money to invest more than its initial budget, it is taking a long position in the risky assets. The "level" of the position refers to the total amount invested.
The amount of the long position is the total funds invested.
The level of the long position is the total funds invested, which is \840,000$.

The leverage position is $\boxed{1.4}$.
The company is in a $\boxed{\text{long position}}$ with a total investment level of \boxed{\840,000}$.