Do you think the advantages of paying tribute to the Barbary pirates outweight the disadvantages

Yes.

Explanation:

Compared to the maritime power of a kingdom, the power held by the pirates at that time was relatively strong.

If the traders who want to pass want to ensure the safety of their goods, they need to hire a group of mercenaries to accompany them.

The cost of mercenaries could even be higher compared to the tribute required by the Pirates.

Hope this helps, and it's not too late :D